Legal Question in Bankruptcy in Pennsylvania

What would be the better of the two options- here's my story.

I got the screws thrown to me in a recent car purchase. I was very misinformed on the lease detalis of a car. Promised "extra mileage coverage" that would allow me to drive for 4 years or 72 thousand miles, and really ended up only buying and 72k extended warranty on a car that I leased for 48k. So I ended up owing a ton of money in overages. The dealership promised to take care of the owed money because of the misinformation and get me into another car. They presented a car, and the payments to me. I was hesitant in going fourth with the offer because the payments where so high. I was promised to be able to bring the car back in in 6 months and refinance it.They don't offer refinancing. I owe around 7,000 dollars more than the car is worth. I was promised something, but on paper given something else. I know it's my fault for not researching further. I trusted them.

I have been trying to bulid and establish my credit for years. This is my third car, and I hate to admit it but I have to either give it back, and take a repo on my credit or I was told I qualified for Chaper 7 bankruptcy.

I don't have many bad marks on my credit anymore, since I have been working on cleaning it up the past few years. I have a few medical bills, and maybe an old cell phone bill. If my car gets reposessed it will be on there as well. I know this is something that I don't want on my credit, but I don't really know what else to do about it. I don't own anything else, have a 401k or any savings, nothing of the sort. Just my car, a credit card I use.

I have a friend that offered to help me with getting another car, she said she'd co-sign for me. The bankruptcy lawyer said that I should get a car before the bankrupcy goes through. I was told though, that if she where to co-sign for me before it goes through that it will show on her credit as well. Is this true?

I was considering just sucking it up and letting the repossession go through. Or declaring bankruptcy chapter 7. I'm not sure what the best option is for me? I am around 25,000 in debt after the car gets taken. I want to go to college within the next year and I don't know how bad either of these will effect me getting school loans, or anything else for that matter.

I can't sell, or trade the car in, I owe to much. I just don't know what to do.

2 Answer from Attorneys

Related Questions & Answers

More Bankruptcy Law questions and answers in Pennsylvania

Looking for something else?